Modern banking with Siebel Financial Services

The global economy cannot exist without banks. Banking institutions play a critical role in the lives of consumers who are constantly conversing with their banks to transact and invest.

Previously, the business of banking involved educating customers about banking products and services as well as cross/up-selling. However, most of these interactions along with daily/monthly transactions could be done solely by personally visiting branch offices. Further, as banking offerings grew, customer information began to reside across disparate systems making it challenging to glean a holistic customer view.

The digital age with its new technologies is disrupting the traditional ways of banking. Advancements such as automatic teller machines (ATMs), phone banking, net banking, mobile banking, digital security, etc., have created a new segment of customers that want simple and quick access to products and services. Customers no longer want to wait in long queues or depend on branches, tellers or personal visits to transact. They want quicker processes, leaner applications/mechanics and meaningful conversations with their bankers.

In view of such demands, banks are struggling to address challenges such as:

How do we merge customer data to glean a complete customer view?

How can we get better insights into customer preferences?

How can we maximize efficiency and reduce time taken to deal with customer requests?

Do they work in the best interest of the customer?

How do we enhance customer service to drive higher satisfaction?

Despite advances in banking customer service, mobile applications, etc., today's customers still need to physically visit a branch to learn about new banking products/services that are relevant or tailored specifically to them.

A leading bank, one of Infosys' clients, has embarked on a journey to transform the way customers converse with bankers. This transformation journey is set to infuse new capabilities, processes, employee behaviour, and technologies to support the changes taking place within the banking industry.

To know more about how Infosys helped this client achieve their digital transformation, please attend our session at Oracle OpenWorld 2015. Infosys is a Diamond sponsor at the event.